Atiku’s Subsidy Plan Will Set Nigeria Back 20 Years, TSG Warns

The Tinubu Support Group (TSG) has declared that any attempt to reverse the federal government’s fuel subsidy reform could set Nigeria back by 20 years.

It accused former Vice President Atiku Abubakar of playing politics with the issue ahead of the 2027 general elections.

The group said Nigerians should be wary of political promises that could undermine the economic reforms undertaken by the President Bola Tinubu administration, particularly the removal of fuel subsidy.

In a statement by its director-general, Dr Umar Tanko Yakasai, the TSG said the former vice president’s position could create uncertainty among investors and reverse some of the gains recorded since the reform.

Yakasai said Nigeria had already gone through the difficult phase of subsidy reform and could not afford to return to a system that would place a heavy financial burden on the government.

He argued that the federal government no longer had the resources required to sustain the subsidy regime, stressing that attempting to restore it could further strain the country’s finances.

According to him, the subsidy debate should not be reduced to an electoral promise, given its implications for the country’s fiscal position and long-term economic stability.

Yakasai also criticised what he described as repeated clarifications by Atiku’s media team following the former vice president’s comments, saying the changing explanations had raised questions about the opposition leader’s actual position on the policy.

He said some claims from the former vice president’s camp suggested that Atiku might not intend to reverse the subsidy reform as Nigerians initially understood.

Yakasai also questioned Atiku’s consistent stand on the removal of fuel subsidy since 1999, beginning with the Obasanjo presidency, where he served as Vice President and Chairman of the National Economic Council, up to his 2023 presidential campaign, when he categorically said he would remove fuel subsidy and sell all four refineries in Nigeria.

He said, “The question Nigerians should ask is when did Atiku change his longstanding position on fuel subsidy removal, which he has held for over two decades, and what has changed to warrant the sudden reversal of policy on subsidy.

“Is it a populist move to play to the gallery and deceive Nigerians in order to get votes through false promises?”

The TSG director-general cautioned opposition politicians against making promises that could raise unrealistic expectations among Nigerians or unsettle investors, urging Nigerians to be wary of false promises by desperate politicians who want to win elections at all costs, without genuine intentions to implement the policies they campaign on.

He said Nigeria had begun to emerge from the economic difficulties associated with decades of dependence on fuel subsidy, adding that reversing the policy could undermine ongoing efforts to rebuild the economy.

Yakasai urged Nigerians to scrutinise political promises ahead of the 2027 elections, particularly those relating to fuel prices and subsidies, and consider their implications for the country’s financial sustainability.

Yakasai said the economic indicators showed that Nigeria was beginning to move in the right direction, noting that the economy grew by 4.43 per cent in the second quarter of 2026, compared with 3.89 per cent in the first quarter.

He added that crude oil production had also increased to about 1.72 million barrels per day, arguing that such developments should be consolidated rather than disrupted by promises to reverse existing reforms.

He said the potential for increased investment further underscored the need for policy consistency, citing the International Energy Agency’s recent assessment that Nigeria could double energy investment within five years.

According to Yakasai, at a time when the country was seeking to attract more capital to its oil, gas, and renewable energy sectors, political statements that could create uncertainty could undermine investor confidence and ultimately hurt the economy.